The growing number of Internet users and increasing demand for communication technology have collectively resulted in an increased demand for visible light communication (VLC) solutions. The fact that the maximum wireless traffic emerges indoors that are also well illuminated has significantly augmented the application of visible light communication in retail indoor positioning. The demand from retailers to improve the shopping experience of retail consumers by notifying them about product offers while shopping requires a technology such as VLC to deliver accurate and quick results. Thus, in the coming years, VLC is expected to compete with technologies such as Wi-Fi and Bluetooth to help retailers increase footfalls by challenging the emergence of e-commerce.
According to Transparency Market Research, the global VLC market is anticipated to represent an opportunity worth US$113.27 bn by 2024 as it rises from US$267.6 mn in 2014. During the forecast period of 2015 and 2024, the global visible light communication market is anticipated to expand at a CAGR of 109.2%.
You will get Custom Report at Syndicated Report price, Buy Now
Product Innovation and Strategic Acquisitions Make North America the Frontrunner
The research indicates that the retail indoor positioning segment in expected to represent an opportunity worth US$33.54 bn by 2024 as it expands at a CAGR of 93.82% between 2015 and 2024. The adoption of LEDs to achieve energy savings over a longer period of time in several retail stores is also expected to boost the usage of VLC technologies in this segment.
Some of the leading players operating in the global visible light communication market are Lightbee Corp., pureLiFi, Ltd., Nakagawa Laboratories, Inc. Axrtek, Inc., Koninklijke Philips N.V., LVX System, and Fraunhofer Heinrich Hertz Institute. Companies are focusing on investing in developing energy-efficient products and aiming at product innovation to stand out in the highly competitive market.
Get More Press Releases by TMR: https://www.prnewswire.com/news-releases/artificial-intelligence-market-valuable-applications-for-host-of-functions-across-a-spectrum-of-industries-extends-lucrative-growth-opportunities-explains-worth-predicted-to-surpass-us-2-8-bn-by-2030—tmr-301282109.html
On the other hand, Asia Pacific has also been identified as an emerging VLC market due to a heavy focus on research and development activities. The efforts to commercialize and develop VLC solutions by various players is expected to drive the growth of this market in the region.
Retail Indoor Positioning to become the Leading End-Use Segment
Visible light communication technologies are used for underwater communication, retail indoor positioning, hospitality, connected devices, in-flight communication, and light-based Internet amongst others. Out of these, the retail indoor positioning segment is expected to thrive in the forthcoming years. The ability of VLC solutions to deliver accurate positioning is being used by retailers to establish valuable communication with customers. For instance, sending coupons, notifying customers of discounts, and helping customers reach the exact position of the product by communicating with them on the smartphones has become exceptionally easy through VLC modules. The advantage of locating the end goal indoors, which GPS fails, has propelled the retail indoor positioning segment in the recent years.
To gauge the scope of customization in our reports, Ask for a Sample
